ASSISTANCE IS AVAILABLE TO CERTIFICATED EMPLOYEES AT LAUSD
As a credit union founded by LAUSD employees, we’re ready to help certificated employees who may be affected by income reduction or elimination as negotiations continue. We’re ready to work with those experiencing difficulties and will provide financial solutions to suit your needs.
Payroll Assistance 1
Personal-advance loans will be granted based on your NET regular income (after taxes). You’ll need to provide us with your most recent stub from either December 2018 or January 2019. The proceeds of the loan will be available for disbursement on the first business day of the month in which your pay will be affected.
You’ll have the option to repay the loan via payroll deduction or direct deposit. If the loan is repaid within 30- days, there will be no finance charges collected (0% APR for 30 days). If additional flexibility is needed, you have the option to repay the loan up to 18 monthly payments with a special fixed rate of 3%.
Existing Credit Union Loans 2
Members can request payment waiver(s) on a month-to-month basis for qualified loans (credit card, auto, and personal/signature loans). Additional waivers will be available, if needed. Mortgage-based loans are not eligible for payment waivers.
Call us at (866) 459-2345 to start the application process. To expedite processing, please have your income information available.
Terms and Conditions: Certificated Employees, 01/2019
1Program is available to both existing and new credit union members. Applicant(s) must demonstrate the ability to repay the loan and is subject to credit approval. Automatic payments via direct deposit or payroll deduction from a qualified source (LAUSD). Only available to certificated employees affected by contract negotiations between LAUSD and UTLA. Loan repaid within 30 days from disbursement will not incur any finance charges. Payment Example: $4,000 borrowed, 18-month term, 3% APR = $227.53 monthly payments.
2Finance charges (interest) will continue to accrue during the deferral and may extend the term of your loan. Mortgage-based loans are not qualified for any deferrals. Maximum deferral of 90 days per year. Contact our collection office for options.
|Classroom (Certificated) Supply||12 mos||0%|
|Utility (Classified)||12 mos||0%|
|Relocation||12 - 36 mos||5.90%|
|Career Enhancement||12 - 60 mos||5.90%|
|Teacher's Line of Credit||Revolving||5.90% - 10.90%|
|Payroll Assistance||12 mos||5.25% - 6.60%|
|Payroll Assistance (2019)*||2 mos - 12 mos||0% - 3%|
|Computer Loan||12 mos||1.50% (includes a -1.00% discount for eStatements)|